Hong Kong stocks end 4-day rising streak as investors move on from rate-cut expectations
Benchmark records second straight monthly decline as investors ‘pivot to muted risk appetite’ amid ‘a period of policy vacuum’, analyst says
The Hang Seng Index fell 0.3 per cent to 25,858.89 at the close. For the month, the benchmark fell 0.2 per cent, recording its second consecutive monthly decline. The Hang Seng Tech Index gained less than 0.1 per cent.
On the mainland, the CSI 300 Index and the Shanghai Composite Index both rose 0.3 per cent. The two gauges dropped at least 1.8 per cent for the month.
Meituan slid 1.4 per cent to HK$102.50 before its earnings card later on Friday. Biopharmaceutical firm Wuxi AppTec sank 3.8 per cent to HK$101.20, and bottled water maker Nongfu Spring declined 3.2 per cent to HK$48.82.
Hong Kong stocks closed out a month marked by wild swings alongside global markets. Stocks got hammered by a retreat in risk appetite amid jitters about elevated valuations of AI stocks before firm bets on a rate reduction by the Federal Reserve in December reversed sentiment. Rates traders now price an 85 per cent probability of a Fed cut next month.